Greatest financial deal in all of sports
Posted: Thu Mar 28, 2019 3:43 pm
https://www.forbes.com/sites/monteburke ... e8e8554f0b
Two brothers owned the St Louis Spirits when the ABA merged with the NBA. They were offered $3 million to fold their franchise or 1/7th share of each of the 4 ABA teams who became NBA franchises.
They sold their initial players for over $2 million to the other NBA franchises. So they really were only offered $800k for the buyout they refused.
The accumulated TV payout since the 70's was over $300 million. They did absolutely nothing to earn that money.
A few years ago those old ABA teams finally bought them out for roughly $500.
The kicker is that two other franchises could have had the exact same deal. One voluntarily folded earning them nothing and the other took the $3 million.
Two brothers owned the St Louis Spirits when the ABA merged with the NBA. They were offered $3 million to fold their franchise or 1/7th share of each of the 4 ABA teams who became NBA franchises.
They sold their initial players for over $2 million to the other NBA franchises. So they really were only offered $800k for the buyout they refused.
The accumulated TV payout since the 70's was over $300 million. They did absolutely nothing to earn that money.
A few years ago those old ABA teams finally bought them out for roughly $500.
The kicker is that two other franchises could have had the exact same deal. One voluntarily folded earning them nothing and the other took the $3 million.